In the United States, monetary policy is carried out by
A) the Federal Reserve System.
B) Congress.
C) the President.
D) Congress and the President acting together.
A
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By how much does the CPI overstate true increases in the cost of living, according to the Boskin Commission? What are the main reasons for this bias in the CPI? What are the economic implications of the bias?
What will be an ideal response?
Amanda, age 6, opens a lemonade stand. She makes all the lemonade from a mix she found in her parents' pantry. Her stand is an old box she found in the garage. The pitcher and paper cups were taken from the kitchen. Which of the following is true?
a. The opportunity cost of the lemonade is zero. b. The only opportunity cost of the lemonade is Amanda's time. c. Amanda's explicit costs are zero. d. The implicit costs of Amanda's lemonade are zero. e. Whatever revenue Amanda gets will be pure economic profit.